Carvana Stock Surges on Surprise Profit

Carvana stock is rallying following a strong first-quarter earnings report. Here’s what you need to know.

carvana stock cvna
(Image credit: Getty Images)

Carvana (CVNA) stock gapped higher in early trading Thursday after the company reported a surprise profit for its first quarter.

In the three months ended March 31, Carvana’s revenue increased 17% to $3.1 billion while its earnings per share (EPS) improved to 23 cents from a loss of $1.51 in Q1 2023. These results were driven by its retail units sold increasing 15.9% to 91,878 and its gross profit per unit increasing 49.4% to $6,432 from the year-ago period.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.